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Projected spreads on the deal fell by 10%-11% in early marketing.
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The manager says cedant demand is growing for larger transactions.
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The $350mn follow-capacity solution will cover cargo, specie, terror, financial products, healthcare and marine.
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The executive had previously worked on Montpelier’s Blue Capital before his four-year stint at Hiscox Re.
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The French carrier grew its top line by 14.3% at the April renewals.
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The insurer offset $1.08bn of Q1 cat losses with reinsurance recoveries and subrogation payouts in total.
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Analyst Philip Kett estimates US winter weather losses at $15.3bn.
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The executive succeeds Richard Boyd, who leaving the business to relocate.
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The deal will give the insurer annual aggregate ILW coverage.
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The return of capital in May will largely go to investors in the class C post-2017 class of shares.
